EUR 500m emissions scheme

PHILIPPE Maystadt, president of the European Investment Bank (EIB), has announced a €500 million initiative in support of the EU’s emissions trading scheme, aimed at combating the greenhouse gases blamed for climate change. The two-three year financing commitment will provide loans for companies as well as governments in the scheme.

European Voice

12/17/03, 5:00 PM CET

Updated 4/12/14, 9:35 AM CET

The EIB proposal was presented during the 9th Conference of the Parties, COP9, in Milan and welcomed by European Environment Commissioner Margot Wallström.

The emissions trading scheme starts in 2005 and covers five major sectors of industry: power generation, oil refineries, steel, building materials and pulp and paper. These account for almost half of the EU’s total carbon dioxide emissions. PHILIPPE Maystadt, president of the European Investment Bank (EIB), has announced a €500 million initiative in support of the EU’s emissions trading scheme, aimed at combating the greenhouse gases blamed for climate change. The two-three year financing commitment will provide loans for companies as well as governments in the scheme.

The EIB proposal was presented during the 9th Conference of the Parties, COP9, in Milan and welcomed by European Environment Commissioner Margot Wallström.

The emissions trading scheme starts in 2005 and covers five major sectors of industry: power generation, oil refineries, steel, building materials and pulp and paper. These account for almost half of the EU’s total carbon dioxide emissions.

Some 120 countries, representing more than 70% of the world’s population have ratified the Kyoto Protocol on climate change, however it still needs the backing of Russia to come into effect.

The European Commission says it remains confident that Russia will ratify the protocol. Officials recently presented the emissions trading directive to Russian business and governmental representatives in Moscow, where it received “a very positive response”.

Maystadt said the EIB will look for partners to develop the proposals: “To address the challenges of climate change we need a broad coalition, we need to be creative and practical. The EU has invited countries and many other relevant players to contribute. The EIB together with partners in the business and financial community will continue to explore and implement new solutions for a sustainable development,” he added.

Some 120 countries, representing more than 70% of the world’s population have ratified the Kyoto Protocol on climate change, however it still needs the backing of Russia to come into effect.

The European Commission says it remains confident that Russia will ratify the protocol. Officials recently presented the emissions trading directive to Russian business and governmental representatives in Moscow, where it received “a very positive response”.

Maystadt said the EIB will look for partners to develop the proposals: “To address the challenges of climate change we need a broad coalition, we need to be creative and practical. The EU has invited countries and many other relevant players to contribute. The EIB together with partners in the business and financial community will continue to explore and implement new solutions for a sustainable development,” he added.